BMI View: Developing greater power capacity and security remains a key focus of the Qatari government.While the country does currently have sufficient capacity, consumption is growing and Qatar will need torapidly develop additional generation if it is to keep up with rising demand. The government has committedto extensive investment in new power plants over the coming years, though at present few specific projectdetails have been announced. Instead much of the project pipeline is currently accounted for bytransmission grid expansion and improvements. Of the expected new power plant developments, we expectthe vast majority will be concentrated on natural gas fired power due to Qatar's extensive reserves, withsome small investment in the solar power segment as Qatar aims for 2% renewable energy in the mix by2022.

Latest Updates And Structural Trends

- The Arab Petroleum Investments Corporation (Apicorp) estimates that Qatar's power sector willrequire USD9bn of investment between 2016 and 2020 in order to expand capacity to keep up with risingconsumption demands. Qatar is largely on track to meet the required investment, with the FinanceMinister Ali Shareef Al Emadi reported in late 2015 that some QAR30bn (USD8.2bn) was due to bespent on water and power projects.

- Opportunities continue to arise for foreign construction firms and power equipment providers. In May2016 Siemens announced it has been awarded a contract to provide six gas turbines, four steam turbinesand ten generators for the new Umm Al Houl combined-cycle power plant. Siemens is also working withKahramaa on various grid and substation upgrade projects.

- At present, we are maintaining our forecasts for 5.7% growth in generation in 2016 followed by furthersimilar growth over the course of the ten year forecast period through to 2025, to reach 65.35TWh. Wedo note some upside risk, however, as more projects are expected to be added to the pipeline in thecoming months.

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